Global Haptic Technology Market Report, Industry Analysis and Forecast to 2029

Haptic Technology Market Overview:

Rise of the integration of haptics technology into consumer devices is the primary factor driving the market growth. Moreover, the haptics technology is not limited to the consumer devices but is now finding its applications in new areas such as education and robotics. In robotics, haptic devices such as gloves are used by robot operators to manipulate a robotic  hand or other effectors with precise control.

However, the high cost of force feedstock technology is restraining the market growth.

Haptic Technology Market is estimated to reach $22.13 billion by 2029, growing at a CAGR of 11.5% from 2022-2029.

Market Snapshot: 

Haptic Technology Market - Report Coverage:

The “Haptic Technology Market Report - Forecast (2022-2029)” by Marketlook Consulting, covers an in-depth analysis of the following segments in the Haptic Technology Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

• The COVID-19 pandemic has had a significant impact on the haptic technology industry, which involves the use of tactile feedback to enhance the user experience in a variety of applications, such as gaming, virtual reality, and robotics. One of the main effects of the pandemic has been the disruption of global supply chains, which has led to shortages of critical components and materials needed for haptic devices. This has caused delays in production and delivery of haptic technology products, as well as increased costs.
• On the other hand, the pandemic has also created new opportunities for haptic technology, particularly in the healthcare industry. With the rise of telemedicine and remote patient care, haptic technology can be used to provide physicians with tactile feedback during virtual exams, allowing them to feel the texture and shape of tissues and organs.

Segmental Analysis:

Rising Use of Haptic Technology in Gaming Industry

Through 2030, the gaming industry is expected to experience considerable growth, driven by a rise in the popularity of mobile-based video games. Gamers have a better real-life experience when haptic technology is integrated into gaming consoles and smartphone devices. Gaming controllers with haptic capabilities give video game events like crashes and explosions a tangible feeling of reality, creating significant market development prospects. Thus, this segment would witness growth along with the education sector.

Software Segment is Showcasing Significant Growth in Market

Based on the component segment, the software segment is leading the market. Numerous advantages of haptic software include better accuracy, more user happiness, quicker response times, and improved gadget performance. The rise of smartphones, widespread use of haptic-based devices across a variety of sectors, and high penetration of high-end consumer electronics are all driving the software market.

Tactile Feedback Captured the Highest Market

Based on the feedback type, the tactile segment led the market in 2021. This is because it allows users to customise their SMS alerts and other smartphone notifications, the tactile feedback category leads the worldwide haptic technology industry. The market will rise as a result of mounting consumer desire for introduction of Internet of Things (IoT)-enabled products like smart watches and wristbands. This has a favourable influence on haptic technology.

Limited Reimbursement and High Competition are Hampering the Market Growth

There is intense competition in the market, with many established players and new entrants vying for market share. This competition puts pressure on prices, and companies must continually innovate to stay ahead.

Asia Pacific Region Maintained a Dominating Position

Asia Pacific will experience significant development in the next years. This is a result of the presence of significant manufacturers in the area as well as growing nations like China and India. China and India are a hub of consumer devices manufacturers thus, the demand will be the highest from this region..

Haptic Technology Market Share (%) By Region, 2022

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Haptic Technology Market. The top 10 companies in this industry are listed below:

1. Johnson Electric
2. AAC Technologies
3. TDK
4. Microchip Technology
5. Immersion Corporation
6. Cree Inc
7. Merck  KGaA
8. Stanley Electric
9. Toyoda Gosei
10. Texas Instruments

Scope of Report: